#XAGUSD @ 23.393 Silver is seen consolidating the previous day’s positive move to over a one-week high. (Pivot Orderbook analysis)

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• Silver is seen consolidating the previous day’s positive move to over a one-week high.
• The mixed technical setup warrants some caution before placing aggressive bullish bets.
• Sustained Weakness back below the $23.00 mark should pave the way for deeper losses.

The pair currently trades last at 23.393.

The previous day high was 23.62 while the previous day low was 23.1. The daily 38.2% Fib levels comes at 23.42, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.3, expected to provide support.

Silver struggles to capitalize on the previous day’s positive move and oscillated in a narrow trading band through the early part of the European session on Thursday. The white metal is currently placed around the $23.50-$23.55 region, representing the 23.6% Fibonacci retracement level of the recent downfall from over a one-year high.

From a technical perspective, the overnight sustained strength and close above the 100-day Simple Moving Average (SMA) favours bullish traders. That said, oscillators on the daily chart – though have been recovering – are yet to confirm the positive outlook. This makes it prudent to wait for some follow-through buying beyond the $23.60 area, or over a one-week high touched on Wednesday, before positioning for any further gains.

The XAG/USD might then surpass the $24.00 mark and accelerate the momentum towards the next relevant hurdle near the $24.20-$24.25 region en route to the $24.40-$24.50 horizontal support breakpoint. The latter coincides with the 50% Fibo. level, above which a fresh bout of a short-covering should allow bullish traders to reclaim the $25.00 psychological mark. The upward trajectory could get extended towards the $25.30-$25.35 supply zone.

On the flip side, weakness back below the 100-day SMA, currently around the $23..35 area, could find some support near the $23.00 round figure. This is followed by the May monthly swing low, around the $22.70-$22.65 region, which if broken decisively will be seen as a fresh trigger for bearish traders. The XAG/USD might then turn vulnerable to weaker further towards the $22.25 intermediate support before dropping to the $22.00 round figure.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.56 at the time of writing. Pair opened at 23.51 and is trading with a change of 0.21 % .

The pair is trading below its 20 Daily moving average @ 24.07, below its 50 Daily moving average @ 24.42 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.08

The previous day high was 23.62 while the previous day low was 23.1. The daily 38.2% Fib levels comes at 23.42, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.3, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.2, 22.89, 22.68
• Pivot resistance is noted at 23.72, 23.93, 24.24

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